NEW YORK, Feb. 10, 2017 /PRNewswire/ -- The law firm
Gardy & Notis, LLP announces that it filed a securities fraud
class action lawsuit in federal court on behalf of investors who
purchased Under Armour, Inc. ("Under Armour") (NYSE: UA, UAA)
common stock between April 21, 2016
and January 30, 2017 (the "Class
Period").
The lawsuit alleges that, during the Class Period, Under Armour
and certain of its officers made false and misleading statements
and failed to disclose that Under Armour's revenue and profit
margins would not be able to withstand the heavy promotions, high
inventory levels and ripple effects of numerous department store
closures and the bankruptcy of one of its large retailers.
Instead, Under Armour promoted itself as a growth company that
would continue to develop and market game-changing products.
Defendants' false statements and/or omissions caused Under Armour
common stock to trade at artificially inflated prices during the
Class Period.
The fraud was revealed on January 31,
2017 when Under Armour released weaker-than-expected
earnings for the fourth quarter of 2016, and the poor results were
in fact tied to market factors, such as department store
closings.
If you purchased Under Armour common stock anytime between
April 21, 2016 and January 30, 2017 and you wish to serve as lead
plaintiff, you may move the Court no later than April 10, 2017. Any member of the
proposed class may move the Court to serve as lead plaintiff
through counsel of their choice, or may choose to do nothing and
remain a member of the proposed class. This action was filed in the
United States District Court for the District of Maryland, and is captioned Brian Breece v. Under Armour, Inc., et.
al. (1:17-cv-00388).
To learn more about the lawsuit and your rights, please contact
Meagan A. Famer or Jacob E. Lewin, at 212-905-0509, or by email at
mfarmer@gardylaw.com or jlewin@gardylaw.com.
Gardy & Notis, LLP specializes in large, complex litigation
in the fields of securities, corporate governance, and mergers and
acquisitions. The attorneys at Gardy & Notis, LLP have
served as plaintiffs' lead counsel in some of the largest
securities fraud class action recoveries.
Contact:
GARDY & NOTIS, LLP
Meagan A. Farmer
E-mail: mfarmer@gardylaw.com
126 East 56th Street
New York, NY 10022
Website: www.gardylaw.com
Attorney Advertising. Past results do not guarantee future
outcomes.
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SOURCE Gardy & Notis, LLP